Wednesday, February 11, 2009

Obama and Geithner - Enough Whining & Finger Pointing - Give Us a Reason to Hope!

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President Obama and Treasury Secretary Geithner both gave major addresses in the last 24 hours, talks given with a great deal of advanced hype on how they were going to show how the new Administration was in control of the economy, and the result was a public relations nightmare casting severe doubt on the real communications skills in our nation's capitol.

First Obama went on prime time TV and his long winded answers seemed more like a lecture from a professor on the fundamentals of blaming everyone else for his woes, raising fears on the fate of our economic system, and promising everything would be clear this morning when Geithner gave his national address on fixing the economy.

I always thought the president was supposed to give us hope when we were down, not further depress the public with talk of the worst economy in our history or an Armageddon on Wall Street. Even Franklin Roosevelt, on the day Japan bombed Pearl Harbor, gave us hope.

Obama, Biden and Geithner take every opportunity to remind us that our problems are not theirs, but were inherited by them because of the irresponsible actions of the past. Bush and the Congress let things get out of control but Obama and Biden were Senators, Senators with the power to stop the president at any time. And Geithner, he was president of the New York Federal Reserve and also in a position to stop the financial meltdown.

Obama condemns tax cuts for the wealthy saying it has been tried over and over again and failed. Yet two of the most successful tax cuts for the rich were the work of John Kennedy and Bill Clinton and both led to recovery and economic growth. Did Obama forget he is a Democrat?

So now that we have established that Obama and company are not to blame for anything, but Wall Street and the past government are to blame, then what is the real relationship between Obama and the giant of Wall Street Goldman Sachs? Goldman is the only financial institution on Wall Street whose value has shot up since Obama became president, the only firm out of hundreds in the financial sector. What makes Goldman's different? They have the most toxic debt. They championed the oil price run up that nearly destroyed the world economy.

Several years ago they secretly had the Board meet with a young senator named Obama. They quietly financed his presidential bid before most people knew who Obama was. They even had another secret meeting with Obama during the primary campaign and brought in Tom Brokaw to help prepare the new kid for the grueling campaign. The same Tom Brokaw who was moderator of a debate a year later between Obama and McCain but no one knew that they had practiced a year earlier.

So what happened to Goldman's since Obama got elected. Take a look at the fate of some of our major financial institutions in the time between election day November 4 and today. The stock price 11/4 and 2/10 are shown with the percent change.

Bank of America $23.61 $5.56 -76%
JP Morgan $40.73 $24.62 -40%
Citibank $13.99 $3.35 -76%
Wells Fargo $33.80 $16.35 -52%
Goldman Sachs $89.09 $90.40 +1%

While virtually every other financial institution in the market has lost between 40% and 76% in total value only Goldman Sachs has increased in value since Obama got elected. Of course Goldman has also stated they will return the $10 billion in bailout money they received, meaning they didn't need it in the first place or the restrictions Congress is contemplating don't appeal to the firm with the highest executive bonus program in history. When will the president explain his secret relationship with the super bank and when will the media ask about it?

What is the real relationship of Biden with the credit giant Mastercard and Visa headquartered in Delaware, his home, firms whose outrageous credit fees and practices helped lead to the economic crisis and who were bailed out a couple of years earlier when Congress passed bankruptcy reform that stole the rights of the consumer and allowed the credit card companies to undertake collection and debt recovery methods the Mafia could not get away with?

Who was chief lobbyist for the credit card assault by the thugs on Congress, why I believe it was Biden's son who then became State Attorney General. Let's see, the Biden son lobbies Congress to strip the public of their rights and the bill is sponsored by Senator Biden to strip the consumer of his rights and passed by the Congress. No conflict of interest there because that would violate the high ethical standards of the new Administration who is going to change the way things are done in the capitol.

We deserve explanations and we deserve better. The media seems incapable of digging up the truth because the truth is the media elected Obama. Congress can't dig up the truth because the Democrats controlling Congress think they now rule the world when in truth they were bought and paid for by money interests long ago. The Truth is Out There because it sure isn't here on Wall Street, Madison Avenue or at our nation's capitol.

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